People are leaving the state of New York in droves, but is the solution to raise or lower taxes? There is no one accepted answer to why people are leaving and what the government should do to fix the problem. But both sides agree that New York is an expensive city, and public service is not up to par with the amount of money being taxed now. Christopher Wright and Yael Fisher visit Bold TV to unpack the issue and approach a resolution.
There is a key foundational issue where the two sides disagree. Wright says the mass migration from New York is because of high taxes. But Fisher says that most Americans moving across state lines don’t cite high taxes as their reason for moving. As the root of the issue is viewed differently, so will be the solution. Therefore, Wright believes driving up taxes will only intensify the exodus from New York. Fisher argues that the wealthy should be taxed more; the wealth tax would work because some of the ultra-high net worth individuals will realize the integral role they play in funding the social good.
While New Yorkers are double-taxed with state and income taxes, they are still seeing issues with city cleanliness, homelessness, public transportation and public safety. Where is the money going? Fisher says that the expanse of public services in New York is underfunded, and the problems will continue to grow if the wealthy aren’t taxed more. But Wright says that raising taxes creates more problems because the problem isn’t the amount of money going into the system but the governmental actions being taken on the other side. Check out the video as two millennials debate the main issues of New York taxation and what should be done to solve them.